Union Square Park Capital Management LLC Makes New Investment in Core Scientific, Inc. $CORZ

Union Square Park Capital Management LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $1,496,000. Core Scientific makes up 0.8% of Union Square Park Capital Management LLC’s portfolio, making the stock its 28th biggest holding.

A number of other large investors have also bought and sold shares of CORZ. Vanguard Group Inc. lifted its position in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in Core Scientific in the 4th quarter valued at about $1,252,000. Nations Financial Group Inc. IA ADV acquired a new stake in Core Scientific in the 4th quarter valued at about $2,980,000. Jennison Associates LLC bought a new position in shares of Core Scientific in the fourth quarter worth about $14,075,000. Finally, Oasis Management Co Ltd. bought a new position in shares of Core Scientific in the fourth quarter worth about $38,493,000.

Core Scientific Trading Down 5.1%

Shares of NASDAQ CORZ opened at $22.75 on Friday. Core Scientific, Inc. has a 1 year low of $12.60 and a 1 year high of $30.46. The firm’s 50-day moving average is $25.42 and its 200-day moving average is $20.68. The firm has a market capitalization of $7.23 billion, a PE ratio of -19.96 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period last year, the business posted $1.25 earnings per share. Core Scientific’s revenue was up 44.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the completion of the sale, the insider owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. The trade was a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 80,000 shares of company stock worth $2,011,800. 1.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CORZ. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Cantor Fitzgerald boosted their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Freedom Capital upgraded Core Scientific to a “hold” rating in a research report on Monday, June 15th. Finally, B. Riley Financial lifted their target price on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.39.

Core Scientific Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.